Just did this a few months ago on my M1. Not that difficult, just not as simple as the new computers w/ watch batteries.
You'll need a 3.2v (or is it 3.6v) lithium AA battery with solder tabs. Silicone is fine. Not difficult at all, just be a bit carefull in removing the old battery and compound around it to not damage the power leads. They are very thin.
It should be the case that when you did out that old compound, it will come out leaving the compound over the computer completely intact.
The back of the computer should come off by just prying it off, just do not use too much force.
Dig out all of that compound. Use a solder iron to melt the old solder off the battery to separate the power leads. Solder the new battery back on the leads. Place some clear silicone in the bottom of the battery tray, put the newly soldered AA battery back in, push the battery in the silicone bed to get rid of any air. Once beaded, fill the rest of the cavity with Silicon.
What I did was put a strip of clear wrap between the plastic backing of the M1 and the silicone for it to dry nice and flat.
There is a shop that will do it for you for about $80. That info is on the Aqualung website.
(just a hint, if you go to a battery store for the AA lithium battery, they may solder the new battery on for you for free).